The future of all kinds of organizations, particularly hospitals and healthcare systems, can be guided by the right healthcare strategic planning. If your hospital wants to expand but does not currently have a strategic plan in place, it is time to begin the work required to develop one.
What is a strategic growth plan for healthcare?
- It presents the organization’s long-term goals in a visionary manner.
- It also creates a road map of the precise steps that must be taken to change the organization’s current situation into the one it wants.
- A s
trategic growth plan should be built on data, which is crucial. Suppose expansion is the goal, but local knowledge of the hospital, healthcare system, patient market, population, or service area is not being used. In that case, the plan is unlikely to achieve the desired results.
1. How to plan successfully
Every day, challenges of all kinds are faced by healthcare professionals. Healthcare leaders must take a step back from their daily tasks in order to evaluate the organization’s state and thoughtfully develop a data-driven, strategic growth plan.
The steps listed below can act as a road map for effective planning.
2. Analyze the business and operational aspects
Your organization must assess its internal and external opportunities, threats, and strengths in order to determine how each is promoting or impeding system growth. A SWOT Analysis is typically used to accomplish this.
It’s beneficial to involve stakeholders from across the organization at this point. Their opinions will be taken into account, which will not only make the plan better but also encourage support early on in the growth planning process.
3. Refresh the organization’s mission, vision, and values to coincide with your strategic growth objectives
A mission statement outlines the organization’s ultimate goal. A vision is a motivating declaration that shows how the organization will appear once the strategic plan has been implemented. The values of an organization are a set of norms and cultural tenets that guide its mission.
If your company already has these, carefully evaluate them to make sure they support your expansion objectives. Consider rewriting them to be more supportive of a growth mindset if they are written in a way that might be growth-inhibiting.
4. Create strategic alternatives
Reviewing all viable options at this point will help you achieve your strategic growth objectives. Make a list of possibilities as a starting point.
Does expansion imply:
- Trying to enter a new market?
- Marketing to consumers directly?
- Adding to a specific service offering?
- Or does expansion call for a merger with or purchasing of different healthcare organizations?
After discussing all of the possibilities, pick a few that most closely match the objectives of your organization. Your organization will be able to choose workable objectives in the next point by assessing the current state of your organization, your market, your competitors, and industry trends.
5. Choose your strategic growth goals
Your growth objectives should adhere to the SMART protocol for maximum effectiveness. Specific, Measurable (based on data), Achievable, Realistic, and Time-bound are all requirements for objectives.
- Start by distilling the list of ideas for strategies down to the most urgent strategic growth goals.
- Establish criteria for how you will know when each goal has been accomplished by setting guidelines after that.
- Establish a deadline for when each goal needs to be accomplished.
- Your business has successfully created a strategic growth plan once this phase is finished!
6. Create a plan for executing your strategy
Your strategic growth planning team now needs to decide how to carry out the plan in the most efficient manner. The executive and staff levels both need to take responsibility for the plan.
Find the strategic growth plan’s advocates throughout the organization, and ask them to explain what will spur their groups to accomplish each goal.
Participate in this process with all divisions of your company; the marketing, strategy, planning, and business development teams should all be aware of and supportive of the strategic plan.
Make sure each team is aligned with its objectives and contributing to the plan’s execution because there are opportunities for strategic growth throughout the organization.
Another thing to think about is whether you have the resources at your disposal to meet your growth objectives. Should a data-driven partner from the outside be hired? An outside partner should be involved in the execution of your strategic growth plan if your internal team is ill-equipped or unable to handle particular initiatives.
INCITE Consulting Solutions helps organizations in the health care industry with behavioral solutions and helps executive leadership teams work at maximum efficiency.